another "my broker cheated me" story

Hi All,

I have been trading with forex.com for 2 years. And I never tried any other broker. Till recently.

I got tempted by 2pip spread and decided to try something else. I was choosing between MoneyForex and InterBankFX.

Have chosen MF. Now I don’t understand how those guys manage to be in biz still! Maybe I don’t get something but it seems to me that they cheat on EVERY trade. When I place an entry buy order say at 1.3022 they execute it at 1.3022 but in my account it shows as 1.3023. And the same with selling. That means that in fact they steal 2 pips with every Buy/Sell trade.

Is it normal???

What about InterBankFX? Do they do the same???

Thank you for you help!

Hey mate a lot of brokers now over 2pip spreads some even less. It all depend if they are fixed or variable.

Yes, I know.

The problem is with FM I can't get the order executed at the rate I ordered.

For example if the current price is 30.05/30.07 and I click buy, I will get it for 30.08, if I click sell I will sell it for 30.04.

I thought, OK, maybe the price changes while I click the mouse. Let's place an entry limit order. However even with entry limit orders I get the same.

I NEVER had such a problem with forex.com.

test your luck w/ oanda over I would say that whats favored from what I can gather I might add I have never traded threw them

hi,

i am with interbank and they give you the price you see. from what I heard about other broker I think they are an "ok" broker. only thing that pisses me off sometimes is the spread widening during news and that the platform is standing still for at least 15sec when the news is released.

But a big plus is that i get always filled even if price gaps far above or below my order.

regards

Hi! I'm a newbie and open a mini account with MF few months ago. I had the problem like what Miller experienced but they rectified the technical error immediately when I emailed them the matter. I have not encounter the same problem again so far and happy with their prompt reply via emails.

Any chance they might be adding/subtracting their commission to the price?

I get my order filled at the rate I wanted so far and the commission is build into the spreads I suppose (since is not 0 spread they offer). And yes, I notice my platform frozen for seconds and spreads widen during important news release too for the affected majors. Anyway I seldom trade on those critical period (being a newbie). Of course, I really hope the platform is free from technical system error and smooth running. Other than that I feel they are ok and have no complaints at this moment.

I have had the same issue as MILLER with moneyforex since september 2006. But I have been very satisfied due to the fact I have been able to triple my original principal. I just try to trade only when I have the best opportunities. Bottom line they have a higher cost of trading than I would prefer but I have made more than I could have in my other trading account(due to higher leverage and the commodities offered). Recently they updated their platform and my spreads were much higher than before. I requested a clarification on rates and they promptly lowered them(Still higher than advertised though).

I have now closed my account. The more money I made and withdrew the worse it got. Currently spreads were at least double if not more than double plus 2-3 additional pips added round trip. I highly recommend not using this broker. Merlin you need to re look at if this broker should be considered a prefered broker. I vote no. I tried to find a way to send a private email with more details to any admin of this site and could not figure out how.

Does anyone here at FF know what the criteria is for FF to list a broker as PREFERRED? I have emailed FF with no reply. They state "only the best are preferred" ODL from financial statements is barely above water some months, and negative in others, seems everyone despises FXCM, who the hell is Delta Stock?? Only one I found that I Preferred was RCGfxTrader.
Any Comments ??